MONEY & BANKING


IANS 21 October 2019
Banking operations across the country will be affected on Tuesday as about 3.5 lakh bank employees will be on strike to protest mergers of government banks, said a top leader of All India Bank Employees' Association (AIBEA).   "Members of AIBEA and BEFI (Bank Employees Federation of...

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Moneylife Digital Team 18 October 2019
Recently, the Reserve Bank of India (RBI) had enhanced withdrawal limit to Rs40,000 from Rs25,000 for depositors of Punjab and Maharashtra Cooperative Bank Ltd. (PMC Bank).    However, this amount might still not be sufficient for those who are facing hardships such as medical...

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IANS 18 October 2019
The Supreme Court on Friday refused to entertain plea seeking directions for redressal of certain aspects, including insuring around 15 lakh people whose money is blocked in the scam-hit Punjab & Maharashtra Co-operative Bank (PMC Bank).   A bench headed by Chief Justice Ranjan Gogoi...

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Moneylife Digital Team 17 October 2019
Shares of Yes Bank surged in intra-day trade by as much as 17% even as reports emerged that industrialists Sunil Munjal and Sunil Mittal have expressed interest in buying a stake in the private bank. However, Mr Mittal denied the reports later on. A spokesperson for Bharti Enterprises denied...

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The failure of Punjab and Maharashtra Cooperative Bank (PMC Bank)—a relatively small multi-state cooperative bank—is a test for the reformist Narendra Modi government. Remember, Modi sarkar has waged a war on cash and wants us to keep our money in banks. The public fell in line, because it...

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Moneylife Digital Team 16 October 2019
Mumbai based businessman Dr. Santosh Bagla has sent out a press release on how the Reserve Bank of India (RBI) has asked Kotak Mahindra Bank to examine and redress the grievance within a time-bound manner. Mr Bagla had earlier complained to the Prime Minister’s Office (PMO) about vindictive...

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Moneylife Digital Team 16 October 2019
Responding to the plight of distressed customers of scam-hit Punjab & Maharashtra Co-operative (PMC) Bank, Moneylife Foundation has decided to help them in filing writ petition in the Bombay High Court.    This is a very limited window of opportunity. We need to verify all the details...

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IANS 16 October 2019
Caught in the eye of the storm over 'Dawood-Mirchi' links, former Union Civil Aviation Minister Praful Patel faces yet another embarrassment for frequently using private jets of Wadhawans, accused in the Rs 4,355 crore Punjab and Maharashtra Co-operative(PMC) bank scam.   Documents...

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Moneylife Digital Team 15 October 2019
One more depositor, Sanjay Gulati, whose family have about Rs90 lakh stuck in the fraud-hit Punjab and Maharashtra Cooperative (PMC) Bank, died on Monday due to to cardiac arrest soon after returning home from a protest against the bank at Killa Court in Mumbai. Irony is he first lost his job...

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IANS 15 October 2019
The Reserve Bank of India (RBI) on Monday imposed a penalty of Rs 1 crore on the Lakshmi Vilas Bank Ltd, owing to deficiencies in its regulatory compliance.   The central bank said its statutory inspection of the bank with reference to its financial position as on March 31, 2017,...

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Moneylife Digital Team 14 October 2019
The Reserve Bank of India (RBI) on Monday enhanced withdrawal limit to Rs40,000 from Rs25000 for depositors, of Punjab and Maharashtra Cooperative Bank Ltd (PMC Bank).   "...after reviewing the PMC Bank’s liquidity position and its ability to pay its depositors has decided to further...

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Moneylife Digital Team 14 October 2019
The Enforcement Directorate (ED) on Monday seized and identified movable and immovable assets worth more than Rs3,830 Crores owned by Housing Development and Infrastructure Ltd (HDIL), the company directors and promoters, as well as official of Punjab and Maharashtra Cooperative (PMC) Bank...

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Moneylife Digital Team 14 October 2019
Joy Thomas, former managing director (MD) of Punjab and Maharashtra Cooperative (PMC) Bank converted to become Junaid Khan and married to his personal assistant (PA), whom he allegedly gifted some properties in Pune, say reports.   The former PMC Bank MD made an admission before the...

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Moneylife Digital Team 14 October 2019
Seeking urgent action to safeguard depositors of cooperative banks that are witnessing frequent failures, Moneylife Foundation, a Mumbai-based non-profit consumer organisation (NGO), along with knowledgeable consumer activists, former bankers and trade unions, has sent a memorandum to Reserve...

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Among the disruptive financial technology (fintech) practices, app-based lending is certainly notable. The scenario of an app-based lending is somewhat like this – a prospective borrower goes to an app platform, fills up some information. At the background, the app collects and collates the...

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IANS 14 October 2019
Finance Minister Nirmala Sitharaman on Monday said PSBs have disbursed about Rs 82,000 crore in the nine-day outreach programme to push up retail credit and banks have witnessed robust demand during that period and she has asked the banks to look at the scope of MSMEs' demand for bill...

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IANS 14 October 2019
Public sector banks (PSBs) having fund exposure to the bankrupt real estate firm HDIL may have to classify the loans given to it as non-performing assets (NPA or bad loans) under the RBI (Reserve Bank of India) norms, make provisions for them and report these to the exchanges, according to...

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On Friday, 11th October, Mumbai Mirror, a local tabloid, published an exclusive report claiming that 200-odd ‘big depositors’ of the failed Punjab and Maharashtra Cooperative Bank (PMC Bank), which had stringent regulatory restrictions imposed on it, have come forward with a bizarre proposal....

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Moneylife Digital Team 11 October 2019
While we have regular loan waivers and corporate loan write-offs, why is no there financial system to protect the common man's savings, asks Deepak Parekh, chairman of Housing Development Finance Corp (HDFC).    "To my mind, there is no greater cardinal sin in finance than the misuse...

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Moneylife Digital Team 10 October 2019
Facing flak from several quarters on the Punjab & Maharashtra Co-operative (PMC) Bank fraud case, finance minister Nirmala Sitharaman on Thursday says if amendments help in better regulation, the union government would go ahead with the required legislative procedure in cooperative sector....

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